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UN warns worst recession than 2008, developing countries will suffer most

United Nations Conference on Trade and Development (UNCTAD) has warned that the current global economic slowdown can threaten the world with the worse financial crisis than what was witnessed during 2008 and 2020 COVID-19 shock.

UNCTAD in its report cautioned that monetary and fiscal policies in advanced economies together with rate hikes could culminate in the global recession and a prolonged stagnation. It blamed supply-side shocks, waning consumer and investor confidence and the war in Ukraine for the global slowdown and inflationary pressures.

UNCTAD Secretary-General Rebeca Grynspan said in a statement, “We still have time to step back from the edge of recession. Nothing is inevitable. We must change course.”   

The report suggests that the whole world will feel the impact, but the developing countries will suffer the most as many of them are edging closer to debt default. 

"UNCTAD projects that world economic growth will slow to 2.5% in 2022 and drop to 2.2% in 2023. The global slowdown would leave real GDP still below its pre-pandemic trend, costing the world more than $17 trillion – close to 20% of the world’s income," as reported by the organization. Read more on this...

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